Currently it takes 65K COMP to submit a proposal. This means currently only 13 addresses can submit a proposal.
While work is currently being done to increase this number by creating a whitelist which would be controlled by the community multisig, we should also be working to empower the wider community that already exists: Compound | Leaderboard
Lowering the Proposal threshold to:
- 50K would increase potential proposers to 22
- 10K would increase potential proposers to 39
- 4k (1% of Quorum.) to 52
Personally I think we should lower it to at least 10K as this could incentivize whales, with multiples of that, to delegate to multiple proposers. And empowering more people with the ability to create a proposal, should lead to more people thinking about what they can do with their new found power.
Note: Lowering the threshold will also speed up the Compound Autonomous Proposal(CAP) process. Which also has a pretty high barrier of requiring 100 COMP ($40k) at the initiators address. Should this be lowered as well?
It might also be helpful to create an RFP for a mechanism to more easily allow for a single address to delegate to an array of addresses instead of having to transfer tokens out.
Spamming the UI: this doesn’t seem like a real threat when 10K COMP = $40M, and most everyone with 10K+ is identifiable. Personally, I think the risk of some graffiti is worth empowering more folks. You can’t have democracy without the occasional Vermin Supreme. And if it ends up being an issue, we should tackle it independently.
Borrowing to submit a proposal: There is a borrowing cap on the Compound CAP market, but there’s not one on the CREAM Comp market. Which currently has 370 available to borrow and ~1000 supplied in total. Which is far less than whats being suggested. If the borrow CAP was removed this could pose a risk, but that risk is at 65k, and it seems like the problem here is that the COMP borrow rate is artificially low(re: positive) due to rewards mining. Which @TylerEther is working on a fix for.
Note: for the purpose of this poll if >50% vote for a lower option will go forward with a proposal to lower.
- Keep at 65K
- Lower to 50K
- Lower to 10K
- Lower to 4K